{"id":18085,"date":"2020-11-16T13:50:31","date_gmt":"2020-11-16T13:50:31","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=18085"},"modified":"2020-11-16T13:50:31","modified_gmt":"2020-11-16T13:50:31","slug":"how-lenders-rate-on-customer-satisfaction-during-pandemic","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/how-lenders-rate-on-customer-satisfaction-during-pandemic\/","title":{"rendered":"How Lenders Rate on Customer Satisfaction During Pandemic"},"content":{"rendered":"

How Lenders Rate on Customer Satisfaction During Pandemic<\/h1>\n
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Mortgage rates at all-time lows have helped drive U.S. home sales to a 14-year high. Existing homeowners also are rushing to take advantage, prompting a 200% annual increase in refinancing. Mortgage lenders have faced a hectic business during the pandemic\u00a0as many systems were quickly forced to go remote.<\/p>\n

\u201cIt\u2019s been a complicated year for the mortgage industry,\u201d says Jim Houston, managing director of consumer lending and automotive finance intelligence at J.D. Power. \u201cBetween surging customer volumes on the origination side, an influx of customer inquiries on the servicing side, and a workforce that has been completely displaced by the pandemic, resources have been stretched to their limits. That strain is showing up in slower loan processing times, missed opportunities to communicate, and unreliable self-service tools.\u201d<\/p>\n

Houston said that while some of these \u201cshortcomings\u201d may have been viewed as opportunities in prior years, current market conditions and customer satisfaction metrics indicate that \u201cmortgage originators need to look hard at fixing them if they want to stay viable.\u201d<\/p>\n

Still, customer satisfaction with primary mortgage originators rose 6 points this year, which was largely driven by competitiveness over offered interest rates, according to J.D. Power\u2019s newly released 2020 U.S. Primary Mortgage Origination Study. The average refinancing processing time rose to 42 days from application to closing (up from 39 days in 2019). J.D. Power also found a notable increase in the number of customers using self-service channels for loan applications and approvals.<\/p>\n

Lender satisfaction seemed to be directly linked to frequency of communication from the lender, according to J.D. Power. The more lenders communicate with customers during the application, closing, and onboarding processes, the more customer satisfaction improved, they found.<\/p>\n

Overall, Rocket Mortgage by Quicken Loans ranked the highest in mortgage origination satisfaction for the 11th consecutive year, followed by Bank of America and Chase (which tied for second), according to J.D. Power.<\/p>\n

The 2020 U.S. Primary Mortgage Origination Satisfaction Study measures overall customer satisfaction from 4,300 customer responses based on the following four metrics: application\/approval process,\u00a0communication,\u00a0loan closing,\u00a0and loan offerings.<\/p>\n

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Source:<\/div>\n
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\u201cU.S. Primary Mortgage Origination Satisfaction Study<\/a>,\u201d J.D. Power (Nov. 9, 2020)<\/div>\n
\u00a9National Association of REALTORS\u00ae
\nReprinted with permission<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

How Lenders Rate on Customer Satisfaction During Pandemic Mortgage rates at all-time lows have helped drive U.S. home sales to a 14-year high. Existing homeowners also are rushing to take advantage, prompting a 200% annual increase in refinancing. Mortgage lenders have faced a hectic business during the pandemic\u00a0as many systems were quickly forced to go … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-18085","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nHow Lenders Rate on Customer Satisfaction During Pandemic - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.anthonydidonato.net\/wordpress\/how-lenders-rate-on-customer-satisfaction-during-pandemic\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/how-lenders-rate-on-customer-satisfaction-during-pandemic\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/how-lenders-rate-on-customer-satisfaction-during-pandemic\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"How Lenders Rate on Customer Satisfaction During Pandemic\",\"datePublished\":\"2020-11-16T13:50:31+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/how-lenders-rate-on-customer-satisfaction-during-pandemic\\\/\"},\"wordCount\":380,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"keywords\":[\"Anthony DiDonato\",\"News\",\"Real Estate\",\"tips\"],\"articleSection\":[\"News\",\"Real Estate Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/how-lenders-rate-on-customer-satisfaction-during-pandemic\\\/\",\"url\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/how-lenders-rate-on-customer-satisfaction-during-pandemic\\\/\",\"name\":\"How Lenders Rate on Customer Satisfaction During Pandemic - 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